Looking for help

Slayerx

Hi all I'm new to the boards and I'm looking for some help.

As of now I'm not in the best shape financially and I'm only 23 :wall:

Anyway what kind of information do you need to be able to help me out?

From memory I have:

Loan to Halifax 3k
Loan to HFC 1.2k
Halifax Credit Card 1k Intrest free until Oct 06

I guess it doesnt help that I recently quit my job which was down to a few personal reasons and no job satisfaction.

Any help would be appreciated

Shawn.

forsya

Hi Slayerx

Welcome to MSE, lots of people on here who can help you.

If you could post your SOA (statement of affairs) detaling the exact amount on loans and the interest rates and also list your outgoings/incomings (bit tricky at mo with no job), monthly payment on loans.

Sorry that your job was not working out, are you looking for a new job? Is there anything you can do in the meantime to tie you over?

Post some more info on here and we will try and help.

It is great that you are wanting to sort it out now rather than later.

xx

loubie_lou

I'm not sure what people think of this but maybe you should cancel your direct debits to your creditors, phone them up and explain your circumstances they may accept token payments for a couple of months while you are looking for a job!

Don't worry i've left a job before with nothing else to go to because they were complete @rseholes to me but to be honest you need to get to an agency pretty damn quick before your creditors get funny with you!

From memory I have:

Loan to Halifax 3k
Loan to HFC 1.2k
Halifax Credit Card 1k Intrest free until Oct

I'm a bit worried about this statement! Do you not remember if you have anymore loans or cc's? I'd have a look at the past three months worth of bank statements to check! That reminds me also: cancel any direct debits that you do not use e.g gym membership, dvd rental etc!

Follow the first posters advice and list all your incomings and outgoings!

Good luck!

Slayerx

Hey thanks for the quick reply Forsya, the ironic thing about my job is that it was for a bank

I have managed to aquire a part-time job but didn't mention it due to it been a 4hr contract which for me is better than nothing right now.

Anyway I will post as much as I can about my loans once I find the paper work.

Slayerx

Well I have got as much information as I can to help you help me

I guess I should start with my monthly out goings

-Halifax cc £31 min payment a month
-HSBC cc £8 min payment a month
-Haliax loan £102.85 pm
-Rent £120 pm
-Mobile phone bill average bill is £34 pm

-Mobile phone contract ends April and will be switched off, I will be going on to PAYG as it will be cheaper for me.

-Rent has already been reduced from £200 by my mum, and I already feel guilty for her offering to do that.

-Halifax cc is Intrest free until Oct 06' the balance is £1024 and I'm trying to pay an extra If I can each month on top of the minium payment.

-HSBC cc I'm paying 1.45% intrest a month which averages to about £3 and the balance is just £256

-Halifax loan is charged at 13.95% annual intrest over 48 months

-HFC Loan is charged at 19.9% APR and the balance is £1033.71

I know it doesnt look too good but I've never missed a payment in my life on any bill, even since I've been unemployed which is since Dec 1st.

I have in accounts some funds

HSBC Current account £1440.45+
HSBC ISA account £277.80+

Also the funds above are after paying my Egg cc off and closing that account.

Do you have enough information or is there more I can provide?

ms_london

What is your monthly wage? (or weekly). What other bills do you pay out? Do you have a car? Food? Car Insurance? Petrol? Transport Costs? Gym?

Thanks for posting the information so far, shall have a look & see if I can help.

Slayerx

As posted above I'm currently working a part-time job just which I started this Sunday gone. So I dont know what an average pay will be yet.

I have no over outgoings really besides bus fares to work and back and the rent I pay contributes towards for foor and utilites.

ms_london

Slayerx wrote:

As posted above I'm currently working a part-time job just which I started this Sunday gone. So I dont know what an average pay will be yet.

I have no over outgoings really besides bus fares to work and back and the rent I pay contributes towards for foor and utilites.

Sorry, didnt read that properly!!

If you are only working 4hours - perhaps you could apply for JobSeekers Allowance too? I believe you can claim this and still work up to 16 hours a week (although they will deduct what you are entitled too depending on how many hours you work!). See Jobcentre for details.

I suggest that you contact your creditors pronto, cancel any current DD's you have with them & explain that you are newly out of work & cannot afford to meet repayments.

Do you have any Payment Protection on your loan/cards that you could perhaps claim on in this situation?

Say that you will be in contact the minute you find work to renegotiate your payments, and if you can afford to make a token payment out of your p/t earnings then even better - but you need to be able to afford these payments & need to work out a budget for yourself.

Call your creditors & follow up your agreement/repayment plan in writing. It is scary calling them, but if you are honest & up front they will appreciate it, and you will feel SOOO much better once you have done it, believe me!!

Best of luck.

xx

Montymoo_2

One word of warning....my payment protection was invalidated as I left my job of my own accord (we moved to the other side of the country due to my partners job) so they might not think that its a valid reason and demand full payment as they have with me

newmum1

could you use your savings to pay towards some of the debt???

Slayerx

I was thinking of using some of the cash in my current account to clear my HSBC card, problem is that it would only free up £8.

Im looking at getting a second part time job at the moment until my hours pick up at Game.